ASIC bars former Westpac representative
The Australian Securities and Investments Commission (ASIC) has permanently banned David Jarrett, a former Westpac employee, from providing any financial services in the future.
The imposed penalty comes after an ASIC investigation found Jarrett had misappropriated clients’ funds during the time he was a representative of the bank between February and December 2003.
Specifically, the regulator alleged Jarrett twice withdrew from a client’s savings account the sum of $417,300 without authorisation, and also terminated a client’s investment totalling close to $168,000 without permission.
ASIC was notified of the alleged illegal activities of Jarrett by Westpac, and received the bank’s full co-operation during the investigation.
Jarrett can now request a review of the regulator’s decision by lodging an application to do so with the Administrative Affairs Tribunal.
“ASIC will continue to exclude representatives who engage in misconduct to protect consumers and maintain confidence in the financial services industry,” ASIC deputy director of enforcement Allen Turon said.
Recommended for you
Far too few wealth managers are capitalising on the opportunity presented by disruptive technology to deliver personalised investment solutions to the mass affluent demographic, according to PwC.
With over half of advisers using managed accounts, HUB24’s head of managed portfolios has unpacked the benefits driving their usage and how they can be leveraged by advice practices.
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
ASX-listed platforms HUB24, Netwealth, and Praemium have used their AGMs to detail how they are using artificial intelligence to improve their processes and the innovative opportunities it presents.
